TFM Midday Update 6-17-2026

The CME and Total Farm Marketing Offices will be closed Friday, June 19, in Observance of Juneteenth

CORN

Corn is trading higher at midday, finding support from strength in both the wheat and soybean markets. July corn is up 2-3/4 cents at 4.16-1/2.
Cordonnier raised his U.S. corn yield estimate by 1 BPA to 182 BPA, though it remains below the USDA’s current estimate of 183 BPA. The increase reflects generally favorable crop conditions, while a few weather-related concerns continue to pose potential risks to production.
Globally, Ukraine has completed corn planting, and early-season weather conditions have been generally favorable. In India, farmers are reportedly shifting some acreage away from corn and into soybeans. Meanwhile, ongoing crop stress across parts of the EU continues to provide underlying support to the corn market.
Ethanol production slipped to 324 million gallons last week, while down less than 1% from the YA. Production was below expectations.

Soybeans are trading higher at midday, supported by rumors of renewed Chinese interest in U.S. soybeans. Soybean meal is also higher, while soybean oil is posting modest losses. July soybeans are up 2-3/4 cents at 11.32-3/4.
USDA confirms the sale of 372,000 tons of U.S. soybeans for delivery to unknown destinations. 60,000 tons for 2025/26 and 312,000 tons for 2026/27, which starts September 1^st.
Heavy rains expected this weekend across parts of the Midwest and Delta, combined with cooler temperatures through the rest of June, are providing support to the soybean market.
Argentina’s soybean harvest is nearing completion, while Dr. Cordonnier raised his U.S. soybean yield estimate by 0.5 BPA to 52.5, still below the USDA’s current estimate of 53.0 BPA.

Wheat is trading modestly higher at midday, supported by reports of potential renewed Chinese buying interest in U.S. agricultural commodities. July Chicago wheat is 11-1/2 cents higher at 6.07-1/2 and July Kansas City wheat is 9-1/2 cents higher at 6.43-1/4.
Concerns over excessive rainfall in the lower Midwest and Delta are supporting wheat prices today, as some weather premium returns to the market.
Algeria, Bangladesh, and Jordan are all in the market for wheat, with Algeria often purchasing large volumes through its import tenders.
French 2025/26 SRW ending stocks were raised slightly to 3.5 million, up from 3.28 last month.

Lauren VandenLangenberg